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Former Westpac executive joins Insignia board

4 minute read

The firm is adding an experienced non-executive director to its board.

Insignia Financial has announced that Gai McGrath will join its board as an independent non-executive director from March next year.

Ms McGrath has more than three decades of experience in the financial services and legal industries and sits on a number of boards across both the listed and non-listed spaces.

She previously held executive roles within Westpac Banking Group focusing on retail banking and wealth management. Prior to this, she began her career as a lawyer in private practice and worked at Perpetual as general counsel and company secretary.


“Gai brings significant expertise and governance experience to the board, having had an extensive career in the financial services sector, both as an executive and as a director,” Insignia Financial chairman Allan Griffiths said in a statement to the ASX.

Mr Griffiths said that Ms McGrath will be a “natural successor” to Elizabeth Flynn, who currently serves as the chair of Insignia’s group risk and compliance committee.

“Elizabeth will be stepping down from the IFL Board in 2024, having joined the board in 2015. We are delighted to have Gai join the board and look forward to the valuable contribution she will make to the group,” Mr Griffiths concluded.

Insignia noted that shareholders will be asked to consider Ms McGrath’s appointment at the firm’s 2024 annual general meeting.

The firm also recently announced that its current chief executive officer, Renato Mota, will step down from the role at the end of February next year. Mr Mota originally joined Insignia in 2003 and has served as its CEO for the past five years.

“Over his time with the group, Renato has been instrumental in transforming IOOF and ultimately, Insignia Financial into one of Australia’s leading wealth management organisations,” Mr Griffiths said previously.

“His ability to create a purpose-led culture and execute a bold strategy in the face of numerous challenges, including a global pandemic, are marks of his outstanding leadership qualities. We wish him well in his future endeavours.”

Last week, Insignia reported that its funds under management and administration (FUMA) fell by 0.6 per cent or $1.9 billion during the September quarter to $293.1 billion.

Funds under administration (FUA) decreased by 1.7 per cent or $3.5 billion to $205.5 billion. This quarterly fall included negative market movement of $1.3 billion, net outflows of $1.3 billion, and pension payments of $925 million.

Meanwhile, funds under management (FUM) increased by 2.0 per cent or $1.7 billion to $87.6 billion. Positive market movement of $1.8 billion was said to have been partly offset by net outflows of $115 million during the quarter.

Overall, Insignia reported total net outflows of $1.4 billion over the September quarter.

Jon Bragg

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.